SummaryIn the past decades, the demand for remote mutual authentication and key agreement (MAKA) scheme with privacy preserving grows rapidly with the rise of the right to privacy and the development of wireless networks and Internet of Things (IoT). Numerous remote MAKA schemes are proposed for various purposes, and they have different properties. In this paper, we survey 49 three‐factor–based remote MAKA schemes with privacy preserving from 2013 to 2019. None of them can simultaneously achieve security, suitability for multiserver environments, user anonymity, user untraceability, table free, public key management free, and independent authentication. Therefore, we propose an efficient three‐factor MAKA scheme, which achieves all the properties. We propose a security model of a three‐factor–based MAKA scheme with user anonymity for multiserver environments and formally prove that our scheme is secure under the elliptic curve computational Diffie‐Hellman problem assumption, decisional bilinear Diffie‐Hellman problem assumption, and hash function assumption. We compare the proposed scheme to relevant schemes to show our contribution and also show that our scheme is sufficiently efficient for low‐power portable mobile devices.